The genetically modified crops market consists of sales of genetically engineered crops and related services. The term genetically modified refers to the transfer of genes between the organisms using a series of laboratory techniques known as recombinant DNA technology.
The global genetically modified (GM) crops market is expected to decline from $21.73 billion in 2019 to $20.69 billion in 2020 at a compound annual growth rate (CAGR) of -4.76%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $26.72 billion in 2023 at CAGR of 8.9%.